Tag Archives: Bill-of-Rights

Dec 26 2016


Here’s How Your State Ranks On Credit Card Debt Per Household

Tyler Durden's picture
by Tyler Durden
Zero Hedge Dec 26, 2016 4:45 PM

As parents all around the country wake up this morning and instantly regret adding $1,000’s of dollars to their credit cards over the holidays (at a 30% interest rate nonetheless) so that little Johnny could have the latest iPad, gaming console and sneakers, here is a list of the states where consumers have racked up the most revolving debt.

Ironically, when color coded based on political preference, with the notable exception of Alaska, Democratic-leaning states seem to carry higher credit card debt balances than conservative states.  Imagine that, conservatives expect their government to run budgets the way they run their own households.

Credit Debt by State

 

Meanwhile, as MarketWatch points out, in the worst states it would take the average family over a year and a half to pay off their credit debt if they contributed 15% of their median income to debt repayment.  But who wants to pay down credit card debt anyway?  We can’t very well have economic growth if people are unwilling to borrow all the way up to the point that they can no longer afford the minimum payment…right, Janet?

Credit Cards

 

According to ValuPenguin, millennials carry an average credit card balance of $5,800 while, shockingly, even those American’s past retirement age are carrying credit card balances over $6,000 well into their 70’s. 

Credit Debt By Age

 

And, of course, the more you make the more you borrow…because why not?

Credit Debt by Income

 

Meanwhile, Experian’s State of Credit 2016 report highlights the top/bottom 10 cities in the United States based on credit score.  Minnesota and Wisconsin absolutely dominate that the top 10 list while California, Texas and Louisiana account for 8 out of the 10 worst cities.

Credit Ratings

 

Oh well, at least little Johnny will love the new Xbox and sneakers for at least a week and it made for a great Facebook pic!

Dec 26 2016

As Obama accomplished policy goals, his party floundered


From the Associated Press By LISA LERER WASHINGTON (AP) — In boasting about his tenure in the White House, President Barack Obama often cites numbers like these: 15 million new jobs, a 4.9 percent …

Source: As Obama accomplished policy goals, his party floundered

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Dec 26 2016

Letter from Jesus about Christmas — Fellowship of the Minds


It has come to my attention that many of you are upset that folks are taking my name out of the season. How I personally feel about this celebration can probably be most easily understood by those …

Source: Letter from Jesus about Christmas — Fellowship of the Minds

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Dec 26 2016

Happy Birthday, Jesus! — Fellowship of the Minds


Luke 2:8-12 Now there were shepherds in that region living in the fields and keeping the night watch over their flock. The angel of the Lord appeared to them and the glory of the Lord shone around …

Source: Happy Birthday, Jesus! — Fellowship of the Minds

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Dec 25 2016

How Americans Spent Their Money In The Last 75 Years (In 1 Simple Chart)


Tyler Durden's picture
by Tyler Durden
Zero Hedge Dec 25, 2016 8:15 PM

Consumer spending makes up a large percentage of the United States economy. We all have bills to pay and mouths to feed, but where do Americans spend their money? Here is a breakdown of how Americans spent their money in the last 75 years…

In the chart above, spending is broken into 12 categories: Reading, alcohol, tobacco, education, personal care, miscellaneous, recreation & entertainment, healthcare, clothing, food, transportation and housing. Each category is further broken down into spending by year, from 1941 to 2014, and each category is given a unique color. The data were collected from the Bureau of Labor Statistics. The data is adjusted for inflation and measures median spending of all Americans.

Unsurprisingly, housing expenses have almost always been the largest area of spending in America for over 70 years. The only exception is 1941, when spending on food averaged $8,311, whereas spending on housing came to $7,537. However, in 1941 the government included alcohol in the food spending category, which inflates the food spending data for that year. In the other years, alcohol was given its own category. In every other year measured, spending on housing outpaced every other category.

Another interesting trend is the downward slope of spending on clothing. Americans spent the most on clothing in 1961 for an average of $4,157. In every year measured since 1961, spending on clothing fell, even when accounting for inflation.

At the same time, Americans began spending more on education, transportation and healthcare. Spending on education has increased far more than any other category, jumping from $242 in 1941 to $1,236 in 2014. Education spending increased at a particularly fast rate between 1984 and 1994 and onward. While spending on healthcare increased between 1941 and 2014, overall spending dipped between 1973 and 1984, but then began rising rapidly thereafter.

Between 1941 and 2014 Americans spent money on most of the same things, with a few changes. Housing has persisted as a large area of spending for Americans, as has the food category. However, spending on food and clothing has fallen when adjusting for inflation while spending on education and healthcare has risen quickly.

Source: HowMuch.net